How much will the power of data and analytics expand open banking and data sharing in 2025 ? Can we expect financial data aggregation to become all the more comprehensive ?
Keren Ben Zvi By 2025 , data and analytics will play a transformative role in expanding open banking and data sharing . The use of AI and advanced data processing will allow for a more seamless integration of financial data across different platforms , creating a richer and more holistic view of customers ’ financial behavior . As data aggregation becomes more comprehensive , banks and fintech will be able to offer hyper-personalised services , including tailored financial advice , dynamic credit scoring , and predictive financial health assessments . Open banking ecosystems will continue to evolve , driven by regulatory initiatives and consumer demand for transparency and control over their financial data .
Maciej Pitucha By 2025 , or after PSD3 is introduced , the power of data and analytics will significantly expand open banking and data-sharing practices . PSD3 will likely allow access to more types of financial and transaction data than before , so data aggregation will cover much more than it does now .
Advanced AI and real-time analytics will enable deeper insights into consumers ’ financial behaviours , integrating data across various platforms such as banks , fintechs , and nonfinancial sources and consolidating it onto a single platform . This will drive hyper-personalised financial products , real-time recommendations , and seamless cross-platform services .
Nicolas Miachon Historically , financial services organisations have only been able to access their own customers ’ data . This is now changing as open banking regulations come into effect globally , with open banking-powered transactions expected to reach over US $ 330bn by 2027 . This will open organisations up to an entirely new trove of data that will require significant investments in data analytics in order to put the increased amount of information created by open banking to work in a tangible way .
“ Data analytics will go from a cumbersome , manual process to a highly-efficient business practice that drives new operational efficiencies ”
114 December 2024